Grupo CIRSA Acquires Controlling Stake in Peru’s Apuesta Total

Spanish casino operator Grupo CIRSCA has instantly become the largest gambling enterprise in the South American nation of Peru after purchasing a 70% stake in local sports betting firm Apuesta Total.

Grupo CIRSA, founded in 1978 in Terrassa, Spain, operates in 10 countries, providing a wide range of gaming options such as casinos, bingo, gaming halls, slots, and online betting.

Grupo CIRSA is additionally responsible for over 170 casino locations in Mexico, Puerto Rico, and Italy. With approximately 12,600 employees, the firm also runs some 34,700 electronic gaming machines out of an array of around 280 arcades in ten nations. 

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Attractive Addition

Terrassa-headquartered Grupo CIRSA firm told Cinco Dias the transaction for an unspecified amount should see it become a ‘key player’ in the Peruvian gaming market. The company additionally explained that the deal gives it immediate control over an operation with an annual turnover of over $109 million, courtesy of an online sportsbook and approximately 500 retail betting shops.

Established by Spanish entrepreneur Manuel Lao Hernandez in 1978 but now owned by American alternative investments management behemoth Blackstone Incorporated, Grupo CIRSA already had 19 casinos and 74 betting shops in Peru with some 877 employees and nearly 3,200 slot machines.

Growth Goal

Grupo CIRSA revealed the deal to acquire a controlling stake in Apuesta Total, aligned with its strategy to expand online and across the whole of Latin America’s burgeoning iGaming scene. The firm disclosed it kicked off this plan in 2022 via the acquisition of iGaming operation ePlay24 before going on to buy fellow Italian concern Modena Giochi and Mexico’s Ganabet.

“This operation is consistent with our acquisition strategy, which is focused on the online sector, and will position Grupo CIRSA as a key player in the emerging Peruvian online gaming and betting market, strengthening our omni-channel strategy in Latin America,” read a statement from Grupo CIRSA.

Adding to this expansion commitment, Grupo CIRSA said the cash deal to control Apuesta Total embraces a clause that should see it fully acquire the Peruvian enterprise over the course of the next few years. It moreover declared the arrangement is not destined to have a significant impact on its leverage with the staged nature of the contract in line ‘with previous transactions carried out with online operators’.

Enticing Endeavor 

Peru is a nation of around 32 million people and enacted legislation in March to legalize the provision of online casino and sports betting entertainment. The General Manager for Apuesta Total, Gonzalo Perez, predicted his firm could see its revenues for this year rise by as much as 30% due to major sporting events, including the Copa America and UEFA European Championship soccer competitions.

Cinco Dias reported that all of this is taking place as New York-headquartered Blackstone Incorporated is thought to be considering whether to float Grupo CIRSA on the London bourse with an inaugural value of around $5.4 billion. The Spanish operator earlier disclosed it expects its turnover for 2024 to swell by as much as 8% year-on-year to top $2.2 billion after recording a profit of $87.4 million last year off of approximately $2 billion in revenues.